What has happened?
The financial regulators of Hong Kong and Abu Dhabi have agreed to co-operate on FinTech.
What does this mean?
The Securities and Futures Commission (SFC) of Hong Kong and the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) have signed an agreement to establish a framework for co-operation on FinTech.
Under the agreement, the SFC and the FSRA will co-operate on information sharing, potential joint innovation projects and referrals of innovative firms seeking to enter one another’s markets.
"This agreement reflects the SFC’s continued efforts to collaborate with international regulatory counterparts to promote innovation in financial services,” said Julia Leung, the SFC’s Deputy Chief Executive Officer and Executive Director of Intermediaries.
"This co-operation further deepens the ongoing partnership and collaboration between Hong Kong and Abu Dhabi, and augments ADGM’s commitment in supporting the growth and financial developments of Abu Dhabi and the Middle East, Africa and the South Asia region,” said Philippe Richard, Director of International Affairs of the FSRA.
In February, the SFC signed a similar agreement with the Swiss Financial Market Supervisory Authority.